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EURUSD Intraday Analysis

EURUSD (1.1613): The EURUSD breached the support level at 1.1710 – 1.1672 on Friday. The breakdown of this support level suggests further downside in price with a test towards the 1.1440 support level. On the 4-hour chart, the validation of the descending triangle pattern could see price attempting to retrace the losses back to the breached support level. If price action moves back to 1.1710 – 1.1672, then we can expect the resistance level to be established here. A reversal at this level is likely to keep prices poised to the downside. In the event of a move above 1.1710 – 1.1672, then EURUSD could be seen trading within the new range above this support level.

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